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Internal control stiffened
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CHINA’S banking watchdog yesterday unveiled an updated policy of internal control for commercial banks as it tries to strengthen risk control and daily business management.
The latest guideline is a revised version of one released in 2002 and aims at keeping pace with development of commercial banks’ regulatory policies, said the China Banking Regulatory Commission.
Internal control refers to systemic processes used by various banks to improve their business management and strengthen risk control.
Commercial banks are ordered to set up an appraisal system covering all subsidiary institutions and products to assess their internal control.
Banks with weak internal control will have to make amendments within a specified timeframe or face punishment by the CBRC, it said in a statement.
The US subprime mortgage crash, which caused a global financial crisis, sounded the need for bank risk control.
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